Fighting over gold in the land of Dracula

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By Craig S. Smith
The New York Times
Wednesday, January 3, 2006

http://www.nytimes.com/2007/01/03/business/worldbusiness/03gold.html

ROSIA MONTANA, Romania -- Eugen David, a small-time farmer with a chipped tooth and muddy boots in this obscure wrinkle of Transylvania, is an unlikely man to attract the attention of movie stars and moguls. But he counts Vanessa Redgrave, George Soros, and Teddy Goldsmith among his backers in a land battle with a Canadian gold mining company.

NYTimes: Central banks tiptoeing away from the dollar

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By Jeremy W. Peters
The New York Times
Tuesday, January 2, 2006

http://www.nytimes.com/2007/01/02/business/02cnd-dollar.html

Countries with large holdings of dollars in their foreign-exchange reserves are showing a new willingness to dump the dollar in favor of the rising euro.

The latest to make a major move is the United Arab Emirates, which joined Russia, Switzerland, Venezuela, and others late last month when it shifted a chunk of its reserves into euros.

James Turk: Gold isn't really up; the dollar is depreciating

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8:40a ET Tuesday, January 2, 2007

Dear Friend of GATA and Gold:

Gold's price isn't going up. Rather, the U.S. dollar is declining in value.

That's the point made by GoldMoney founder James Turk in his first commentary of the new year. Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, writes that while gold's dollar price has averaged an appreciation of more than 15 percent over the last six years, gold's price in terms of oil is almost unchanged. Gold's "rate of return," Turk notes, is really the rate of depreciation of the dollar.

Banks and funds pay top dollar to secure commodity talent

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By Kevin Morrison
Financial Times, London
Monday January 1, 2007

http://biz.yahoo.com/ft/070101/fto010120071424249461.html?.v=1

LONDON -- London Commodity traders, once the overlooked Cinderellas of the financial trading world, are being offered multi-million-dollar lock-in payments reminiscent of the early dotcom boom, when banks were also desperate to expand into new areas by offering guaranteed payments to key staff.

Report predicts China's currency will gain 5% on dollar in 2007

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From Xinhua News Agency, Beijing
Monday, January 1, 2007

http://news.xinhuanet.com/english/2007-01/01/content_5556950.htm

BEIJING -- The exchange rate of the renminbi, the Chinese currency, is expected to appreciate by some 5 percent to one U.S. dollar for 7.44 yuan, according to a Xinhua Economic Analysis Report released Monday.

The report projected that the pace of RMB appreciation would be faster in the first half of 2007 than in the second half.

10-gram gold contracts offered in India; gold deliveries rising fast

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From The Economic Times, New Delhi
Monday, January 1, 2007

http://economictimes.indiatimes.com/Markets/Commodities/NCDEX_to_launch_...

MUMBAI -- The National Commodity and Derivatives Exchange Ltd (NCDEX) will launch 10 grams immediate delivery gold contracts, to be traded on its electronic spot exchanges, in order to increase its bullion clients.

Chrysler goes to China to build small cars for U.S. market

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Building them in U.S. is too expensive.

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By Tom Krisher
Associated Press
Friday, December 29, 2006

http://news.yahoo.com/s/ap/20061230/ap_on_bi_ge/chrysler_chery

DaimlerChrysler AG's Chrysler Group and China's Chery Automobile Co. have agreed on a plan for the Chinese manufacturer to build small cars to be sold worldwide. The cars, which already are being designed, would be based on an existing model but will be modified jointly by Chrysler and Chery engineers, Chrysler spokesman Jason Vines said Friday. Chrysler is taking the lead on the design and will ensure that the vehicles meet high quality standards, he said.

Euro enjoys wide use outside European union

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By Slobodan Lekic
Associated Press
Sunday, December 31, 2006

http://news.yahoo.com/s/ap/20061231/ap_on_bi_ge/europe_widespread_euro

Slovenia converts to the euro on Monday, officially becoming the 13th member of the eurozone -- and the first among the EU's newest members to qualify to use the currency.

But at least half a dozen other European ministates and territories are using the currency as legal tender -- without approval from the European Central Bank.

Spending China's dollars: CITIC buys Kazakhstan oilfield

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CITIC Buys Oil Company Stake for $1.91 Billion

By Scott McDonald
Associated Press
Sunday, December 31, 2006

http://news.yahoo.com/s/ap/20061231/ap_on_bi_ge/china_kazakhstan_oil

China, which is aggressively seeking overseas energy assets to fuel its booming economy, said Sunday that one of its biggest conglomerates has bought the Kazakhstan oil assets of a Canadian company for $1.91 billion.

At 5 years old, euro easily rivals other currencies

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By Matt Moore
Associated Press
Friday, December 29, 2006

http://news.yahoo.com/s/ap/20061229/ap_on_bi_ge/euro_s_anniversary

The surging euro is confounding critics who once doubted it could rival the dollar, pound, and yen -- but Europe's shared currency still annoys some consumers five years after its introduction in cash form.

In 2006, it has surged in value, rising nearly 14 percent to 20-month highs and is about three or four cents off its all-time high of $1.36 in December 2004. It's a strong turnaround from an initial plunge to as low as 82 cents in 2000.